For young NFL stars, multi-million dollar contracts can be a sweet deal coming out of college. They can also be a trap. The average 23-year-old has no idea what to do with the money. Unfortunately, many spent it all well before they retire.
Occasionally, you come across an NFL player who is as educated about his personal finances as he is about his team’s playbook. Carl Nassib is a great example. There are two things he knows very well: football and money management.
Who is Carl Nassib?
Carl Nassib is a fourth-year linebacker, according to ESPN, who was drafted as the 65th overall pick in 2016. Currently, he plays for the Las Vegas Raiders, but he got his start with the Cleveland Browns before making a pit stop in Tampa Bay.
At linebacker, Nassib is an imposing force. He stands at a towering 6-foot-7, 275 pounds, and when he puts a hit on anyone silly enough to try rushing past the line of scrimmage, they feel it. Nassib has a career total of 114 tackles, and 18 sacks. But even more imposing than his size and athletic ability is his intelligence and poise off the field.
Living beyond your means
It’s no secret even the lowest-paid player in the NFL makes bank. This doesn’t mean that everyone who plays in the NFL is rich, however. Many famous players have lost or squandered their fortunes, spending money just as soon as they get it.
Part of it involves the lifestyle. NFL players often spend money on lavish homes, expensive jewelry, and cars; some throw crazy parties with high-end liquor. This outward display of money helps to enhance a player’s personal brand and notoriety at the expense of their long-term savings.
That’s why it’s rare to meet a player like Nassib who is so committed to living well below his means, as CNBC reports. It’s a breath of fresh air to see both humility and frugality in the NFL.
How Carl Nassib protects his assets
Nassib is different from other rising NFL superstars. He doesn’t spend his money on mansions, cars, and parties. Instead he sticks to a monthly budget and he invests whatever is left over.
When Nassib entered the NFL in 2016, his pay scale was on the low end. He earned about three million dollars with a $900,000 bonus. While it’s not chump change, it’s also nowhere near Matthew Stafford’s insane contract. While Nassib didn’t have a background in finance or money management, he saw his teammates’ spending habits and realized he’d be broke before retirement if he wasn’t careful.
With financial longevity in mind, Nassib educated himself regarding budgeting and investments, as Onward State explains. From there, he developed a two-pronged approach to his own personal finances.
Nassib makes it his goal to stick to a strict budget of just $3,500 for rent, bills, and living expenses each month. The other 85% of his income goes into a diversified portfolio comprised mostly of index funds and stocks in utility companies. He also explores investment products with compounding interest, citing them as an easier way to make your money work for you.
Nassib is a rare breed — and he doesn’t keep his financial knowledge to himself. In the HBO show Hard Knocks, Nassib can be seen giving financial advice to his teammates to help them avoid the pitfalls of overspending their millions.
The linebacker may be an imposing figure on the field. But there’s no better, more invested teammate to have when it comes to taking care of other NFL players both on the field and at the bank.